Healthcare Analytics Market by Type (Descriptive, Prescriptive, Cognitive), Application (Financial, Operational, RCM, Fraud, Clinical), Component (Services, Hardware), Deployment (On-premise, Cloud), End-user (Providers, Payer)- Global Industry Analysis, Share, Growth, Regional Outlook and Forecasts, 2021-2027

The global Healthcare Analytics market gathered revenue around USD 23.45 Billion in 2020 and market is set to grow USD 128.1 Billion by the end of 2027 and is estimated to expand at a modest CAGR of 23.0% during the prediction period 2021 to 2027.

Healthcare Analytics Market Size 2020 to 2027

Growth Factors:

The Market Healthcare analytics encompasses various technologies, methods, and skills employed at synthesizing and analyzing healthcare data from across a wide spectrum of health industries, with an aim to unravel crucial patterns and gain insights for improving healthcare outcomes. Healthcare analytics has been increasingly occupying a vital role in global healthcare systems for boosting patient outcomes and improving the quality of care at affordable cost. Healthcare organizations world over are increasingly leveraging the potential of data-backed decisions to improve patient engagement and experience. Moreover, healthcare analytics offers healthcare institutions crucial insights into revenue and risk models.

The various analytical techniques under healthcare analytics comprise predictive analytics such as simulation and modelling techniques; prescriptive analytics such as decision related to clinical priorities and financial outcomes; and various descriptive techniques such as reporting tools and technologies.  The ambit of healthcare analytics is vast spanning multiple diverse areas, notably customer acquisition, operational efficiency, clinical delivery, and personalized medicine.

Healthcare analytics is a crucial section of analysis that largely focuses on offering insights into costs, hospital management, diagnoses, patient records, and numerous other data. This field comprises every segment of healthcare, providing both micro as well as macro levels of data. The escalation in technological advances in the healthcare field, surging demand for lesser paperwork, enhanced treatment plans, surging availability of cost-effective technology, need for better patient care services, and existing procedures will ensure bright prospects for the global market.

This research report purposes at stressing the most lucrative growth prospects. The aim of the research report is to provide an inclusive valuation of the Healthcare Analytics market and it encompasses thoughtful visions, actualities, industry-validated market findings, historic data, and prognoses by means of appropriate set of assumptions and practice. Global Healthcare Analytics market report aids in comprehending market structure and dynamics by recognizing and scrutinizing the market sectors and predicted the global market outlook.

Report Coverage

Report Scope Details
Market Size USD 128.1 Billion by 2027
Growth Rate CAGR of 23.0% From 2021 to 2027
Base Year 2020
Forecast Period 2021 to 2027
Historic Data 2017 to 2020
Report coverage Growth Factors, Revenue Status, Competitive Landscape,  and Future Trends
Segments Covered By Type,  Application,  Component,  Deployment Model,  End User, and  Region
Regional Scope North America, Europe, Asia Pacific, Latin America, Middle East & Africa (MEA)
Companies Mentioned McKesson Corporation; Optum, Inc.; Verisk Analytics Inc.; Elsevier; Medeanalytics Inc.; Truven Health Analytics; Allscripts Healthcare Solutions Inc.; IBM; Cerner Corporation; IQVIA; Oracle; SAS Institute, Inc.

COVID-19 Impact Assessment on Market Landscape

The report comprises the scrutiny of COVID-19 lock-down impact on the income of market leaders, disrupters and followers. Since lock down was instigated differently in diverse regions and nations, influence of same is also dissimilar across various industry verticals. The research report offers present short-term and long-term influence on the market to assist market participants across value chain makers to formulate the framework for short term and long-lasting tactics for recovery and by region.

Healthcare Analytics market Report empowers readers with all-inclusive market intelligence and offers a granular outline of the market they are operational in. Further this research study delivers exceptional combination of tangible perceptions and qualitative scrutiny to aid companies accomplishes sustainable growth. This report employs industry-leading research practices and tools to assemble all-inclusive market studies, intermingled with pertinent data. Additionally, this report also emphases on the competitive examination of crucial players by analyzing their product portfolio, pricing, gross margins, financial position, growth approaches, and regional occurrence.

Healthcare Analytics Market Regional Analysis :

North America dominated the market and accounted for the largest revenue share of 52.6% in 2020.  It is mainly attributable to the evolving and developed healthcare facilities, rising geriatric population, increasing prevalence of chronic disorders, growing adoption of analytical solutions, technological advancements, and presence of market key players. North American market players are focusing on developing advanced analytical solutions for healthcare organizations. 

On the other hand, Asia Pacific is anticipated to register the fastest growth during the forecast period. Advancements in infrastructure, rising expenditures, the adoption of advanced analytical solutions, the emergence of start-ups are boosting the growth and development of the healthcare analytics market. Furthermore, public and private investments in advancing infrastructure, regional expansions, availability of highly skilled labor, and economic development are additional factors driving the market in the region.

Healthcare Analytics Market: Trends and Opportunities

The pressing demand among healthcare organizations and institutions for attaining the troika of objectives consisting of healthcare cost reduction, patient outcomes improvement, and revenue growth is a key factor driving the healthcare analytics market. The staggering rise in patient data in healthcare systems globally provides a robust underpinning to the demand for healthcare analytics. The ever-rising demand for improving healthcare decisions from data-backed insights across the globe is bolstering the uptake of healthcare analytics. The rising usage of various analytical tools to close performance gaps in healthcare delivery systems is accentuating the market. The wide potential of healthcare analytics processes and strategies to help stakeholders in better evaluating public health priorities and for making sound data-driven healthcare decisions is boosting the market. The insights gained from healthcare analytics are useful in improving the relation between caregivers and care providers, including insurance providers. This stands as a lucrative proposition for the adoption of healthcare analytics tools and strategies.

The promising potential healthcare analytics has on national preventive care strategies and programs is fueling its adoption in developed countries. The rapid strides being undertaken by the digitization in healthcare system, especially in developing regions, is catalyzing the demand for healthcare analytics. The rising popularity of big data analytics in transforming healthcare in developing and developed economies is helping the healthcare analytics to expand substantially. 

Competitive Rivalry

Foremost players in the market are attentive on adopting corporation strategies to enhance their market share. Some of the prominent tactics undertaken by leading market participants in order to sustain the fierce market completion include collaborations, acquisitions, substantial spending in R&D and the improvement of new-fangled products or reforms among others.

Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.

  • Company Overview
  • Company Market Share/Positioning Analysis
  • Product Offerings
  • Financial Performance
  • Recent Initiatives
  • Key Strategies Adopted by Players
  • Vendor Landscape
  • List of Suppliers
  • List of Buyers

Some of the prominent players in the Healthcare Analytics Market include:  McKesson Corporation; Optum, Inc.; Verisk Analytics Inc.; Elsevier; Medeanalytics Inc.; Truven Health Analytics; Allscripts Healthcare Solutions Inc.; IBM; Cerner Corporation; IQVIA; Oracle; SAS Institute, Inc.

Unravelling the Critical Segments

This research report offers market revenue, sales volume, production assessment and prognoses by classifying it on the basis of various aspects including product type, application/end-user, and region. Further, this research study investigates market size, production, consumption and its development trends at global, regional, and country level for period 2017 to 2027 and covers subsequent region in its scope:

By Type

  • Descriptive Analytics
  • Predictive Analytics
  • Prescriptive Analytics    
  • Cognitive Analytics

By Application

  • Clinical Analytics
  • Financial Analytics
  • Operation and Administrative Analytics
  • Population Health

By Component

  • Services
  • Hardware
  • Software    

By Deployment Model

  • On-premise
  • On-demand

By End-user

  • Payers
  • Providers
  • ACOs, HIEs, Mcos and TPAs

By Geography

North America

  • U.S.
  • Canada

Europe

  • Germany
  • France
  • United Kingdom
  • Rest of Europe

Asia Pacific

  • China
  • Japan
  • India
  • Southeast Asia
  • Rest of Asia Pacific

Latin America

  • Brazil
  • Rest of Latin America

Middle East & Africa (MEA)

  • GCC
  • North Africa
  • South Africa
  • Rest of Middle East & Africa

Highlights of the Report:

  • Market Penetration: Comprehensive information on the product portfolios of the top players in the market.
  • Product Development/Innovation: Detailed insights on the upcoming technologies, R&D activities, and product launches in the market
  • Competitive Assessment: In-depth assessment of the market strategies, geographic and business segments of the leading players in the market
  • Market Development: Comprehensive information about emerging markets. This report analyzes the market for various segments across geographies
  • Market Diversification: Exhaustive information about new products, untapped geographies, recent developments, and investments in the market

Research Methodology

In the study, a unique research methodology is utilized to conduct extensive research on the growth of the Healthcare Analytics market, and reach conclusions on the future growth parameters of the market. This research methodology is a combination of primary and secondary research, which helps analysts ensure the accuracy and reliability of the conclusions.

Secondary resources referred to by analysts during the production of the Healthcare Analytics market study are as follows - statistics from government organizations, trade journals, white papers, and internal and external proprietary databases. Analysts have also interviewed senior managers, product portfolio managers, CEOs, VPs, marketing/product managers, and market intelligence managers, all of whom have contributed to the development of this report as a primary resource.

Comprehensive information acquired from primary and secondary resources acts as a validation from companies in the market, and makes the projections on the growth prospects of the Healthcare Analytics markets more accurate and reliable.

Secondary Research

It involves company databases such as Hoover's: This assists us recognize financial information, structure of the market participants and industry competitive landscape.

The secondary research sources referred in the process are as follows:

  • Governmental bodies, and organizations creating economic policies
  • National and international social welfare institutions
  • Company websites, financial reports and SEC filings, broker and investor reports
  • Related patent and regulatory databases
  • Statistical databases and market reports
  • Corporate Presentations, news, press release, and specification sheet of Manufacturers

Primary Research

Primary research includes face-to face interviews, online surveys, and telephonic interviews.

  • Means of primary research: Email interactions, telephonic discussions and Questionnaire based research etc.
  • In order to validate our research findings and analysis we conduct primary interviews of key industry participants. Insights from primary respondents help in validating the secondary research findings. It also develops Research Team’s expertise and market understanding.

Industry participants involved in this research study include:

  • CEOs, VPs, market intelligence managers
  • Procuring and national sales managers technical personnel, distributors and resellers
  • Research analysts and key opinion leaders from various domains

Key Points Covered in Healthcare Analytics market Study:

  • Growth of Healthcare Analytics in 2021
  • Market Estimates and Forecasts (2017-2027)
  •  Brand Share and Market Share Analysis
  •  Key Drivers and Restraints Shaping Market Growth
  •  Segment-wise, Country-wise, and Region-wise Analysis
  •  Competition Mapping and Benchmarking
  •  Recommendation on Key Winning Strategies
  •  COVID-19 Impact on Demand for Healthcare Analytics and How to Navigate
  •  Key Product Innovations and Regulatory Climate
  •  Healthcare Analytics Consumption Analysis
  •  Healthcare Analytics Production Analysis
  •  Healthcare Analytics and Management